Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Business Management Affairs - Coursework Example

Comments (1) Cite this document
The following paper will have a specific focus on the pros and corns of Sole Trading, Partnership, and Company Operations, illustrates the relevant aspects of beginning a business. Business is the best area for an individual to demonstrate his/her potential as it promises unlimited opportunities and rewarding challenges…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.8% of users find it useful
Business Management Affairs
Read TextPreview

Extract of sample "Business Management Affairs"

Download file to see previous pages Sole Trading
When a person individually initiates and operates his/her own business, it is called sole trading. The most obvious feature of sole proprietorship is that there is no legal distinction between the business and the owner. Usually, a sole trader uses a trade name or business name instead of his legal name. Under UK company law, the proprietors’ name must be shown on business emails, business stationery, and other business premises. It generally involves lower amount toward capital investment as compared to other modes of business ventures. It is best fitted to people with innovative business ideas and sufficient capital for running their business. The main benefit of this system is that the businessman owns everything what he acquires from the business. Moreover, with the feasibility of self guidance, the individual can grow without restrictions. In addition to this, as Tonkin (2006) states, sole trader can start the business with minimum set up cost and can continue operations without a tax file number. He is also exempted from many other legal charges and superannuation. Since the sole trading business specifically focuses on certain market segments, the sole trader can effectively satisfy the customer needs. In addition, the individual can take advantages of personal relationships for the business promotion.
On the other hand, sole trader is not free from risks as he is the only person responsible for any loss incurred in the business. Therefore, if the sole trader faces business loss; his every asset including personal asset may be seized to discharge the liabilities he has incurred. This personal liability becomes the most threatening disadvantage of sole proprietorship. A series of legal obligations may also drag him out of the line; sometimes he needs to pay provisional taxes. Similarly, sole trader may face difficulties in the event of an unforeseen contingency since he has only restricted access to financial sources. The lack of access to financial sources also becomes a barrier for the sole trader to recruit high-caliber employees. Another major disadvantage of sole proprietorship is that it cannot allow credit sales since this type of business has limited access to working capital; this situation is an impediment to business expansion. A positive spell of possible success is found in the given discussion. As Matt is the winner of the TV show “You’re Hired”, he may have creative concepts as well as sufficient capital to start his business as a sole trader. Partnership When two or more persons join together with their capital and make contract to run a lawful business, it is called partnership business. This system ensures collective responsibility for all liabilities arising on the ground of the partnership business. As it is in the case of sole trader, registration of partnership is not necessary. This feature helps the partners in minimizing the struggles of legal formalities. All the strategies of partnership firms are formulated on shared opinion of partners which would make the policies rather balanced in their nature. At the same time, any partner may represent the business without giving prior information to other partners; therefore, one partner’ ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Business Management Affairs Coursework Example | Topics and Well Written Essays - 1750 words”, n.d.)
Retrieved de
(Business Management Affairs Coursework Example | Topics and Well Written Essays - 1750 Words)
“Business Management Affairs Coursework Example | Topics and Well Written Essays - 1750 Words”, n.d.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
thadruecker added comment 1 year ago
Student rated this paper as
This coursework was always my weak point. I could never complete it well. Still, after I found this particular paper, I understood how it should be done. So, I performed my research afterward and completed the coursework in several hours, instead of weeks as it was previously.

CHECK THESE SAMPLES OF Business Management Affairs

Business Management Affairs

...Business Management There are a number of ways in which businesses can be run and managed. Keeping the scenario in view, there are 3 possible options available for us to expand the business. These options, however, require careful considerations to both advantages associated with them. The options in the given scenario include trading as a sole trader, in partnership relationship or forming a company. Sole proprietorship is one of the popular types of business around the globe. It is a type of business whereby, business if controlled managed and run by a single person who is the owner of...
7 Pages(1750 words)Coursework

Business Management Affairs

... with international business (Keenan and Riches, 2011). In the international business, conflicting laws can immensely create a negative effect within the contracting element. It becomes essential to adopt internationally accepted law to govern all the contracts. This can immensely reduce instances of individuals being locked out of events using contracting laws. The production company discussed here can effectively manage its contracting elements using the English law. References Adams, A., 2010. Law for Business Students (6th Edition). Harlow: Pearson/ Longman. Keenan and Riches, 2011. Business Law (10th Edition). Harlow: Pearson Longman... ?Business Law Grade 19th December, Introduction An extensive Knowledge and...
6 Pages(1500 words)Coursework

Business Management Affairs (TORT)

...?Business Management Affairs (TORT) Table of Contents Table of Contents 2 Introduction 3 Principles of the Tort Law 4 Meaning of the Law 4 Recommendations to Gary 5 Defences Available to the Solicitor 6 Conclusion 7 References 8 8 8 Introduction “You’reHired”, a reality show, organised by Simon gained success over the UK in which the winner was offered a designation of Production Manager at Simons TV. Simon further approached Gary, a judge in the same show, to invest in the business in order to open an overseas office that will help the company to expand in the international market. Gary did not deny the proposal, however, made it specific that he will be...
4 Pages(1000 words)Assignment

Infernal Affairs

...?Infernal Affairs: A Movie Review Introduction This cop action thriller was released in 2002 under the direction of Wai-keung Lau and Alan Mak. Set in Hong Kong, this police action is starred by Tony Leung and Andy Lau. The movie received critical acclaims from various movie review sites because of its exquisite cinematography and was praised by New York Times’ movie reviewer Elvis Mitchell because of its “intricate and well-told” story line (par. 4), apart from the fact that The Departed based its screenplay in the said movie .This gangster themed movie is worth watching and deserving of its critical acclaims because of its depth, as evident in the inner turmoil faced by the main characters who lived their lives in lies,...
7 Pages(1750 words)Essay

International Affairs their students of the real life working in the field of international affairs. Now when universities will not include international affairs program in their offered courses, how come grant makers would realize the need of funding in this area. That's why when we try to search universities offering postgraduate education in International affairs program; we mostly find public universities offering programs in this area. The second thing is that the grants are normally given to the people who are pursuing degrees in the field of science management and medicines since according to their perception they contribute directly to the development and well being...
32 Pages(8000 words)Essay

International Affairs

...http Your request is being processed... Roxana Saberi, Former Miss NorthDakota, Journalist, Arrested In Iran For Buying Bottle Of Wine, Says Her Father FARGO, N.D. — A U.S. journalist has been arrested in Iran, and her father said Sunday she told him in a brief phone call she was detained after buying a bottle of wine. Roxana Saberi, 31, has not been heard from since her last call on Feb. 10, her father, Reza, told The Associated Press on Sunday. "We havent heard anything," he said. The family decided to go public, he said, "because we wanted to get some information." Officials in Iran have not publicly confirmed the arrest. A duty officer at the U.S. State...
2 Pages(500 words)Essay

Business Management Affairs

...Business Management Affairs Introduction In the modern world, there is no aspect of life that is entirely free of contractual relationships. Human beings acquire rights and obligations, for instance, when one borrows funds, when they buy or lease a house, when they obtain insurance, and in this particular case (involving Simon and Davina), when they are forming a business with another person. Contract law in general aims at providing stability and predictability for both parties to a contract (Dunham, 2008). During the pre-negotiation of a contract, effective planning is very important in order to achieve success in the contract. Data gathering, data assessment, and the...
9 Pages(2250 words)Essay

Business Management Affairs

...Business Management Affairs] Introduction This case can be administered under the tort of negligence. Negligence can be defined as the failure to use the required degree of care in a given situation to prevent harm to others. According to Per Alderson., Blyth v Birmingham Waterworks Co (1856), “Negligence is the omission to do something which a reasonable man, guided upon those considerations which ordinarily regulate the conduct of human affairs, would do, or doing something which a prudent and reasonable man would not do,” It is a breach of legal duty which causes damage that was not desired to the claimant (Miller & Jentz, 2009, p. 95). Negligence can occur into ways....
4 Pages(1000 words)Coursework

Health affairs

...Health affairs There are some factors considered to determine the health status of a certain community. Such factors include education levels, income generations as well as other socioeconomic factors. Several researches indicate that socially poor patients are likely to be victims of heart related diseases. This work tends to portray the relationship between socioeconomic status and poor health conditions in the society. The work clearly distinguishes factors that contribute to poor health from those factors that limit patients from accessing health facilities. The work also tends to outline several economic theories applicable in the relationship between socioeconomic status and health status. Studies...
2 Pages(500 words)Essay

Management Affairs

...Faculty of Business Environment and Society 14 Module No 102SAM MODULE Management Affairs Following their engagement, Kim and Kanye decide they want… 1) On the requirements and contents of a legally binding contract under English Law 2) Of the consequences if Kim breaches their agreement 3) Advise the Board of Directors of Choc Delux of their liability to Kim under the tort of negligence. Contract law is largely concerned with the economic exchange in the market (Wishart, 2012). One thing should be considered that the UK contract law and the American law are different. In this case the offer is being made by the company, Choc Delux, to the couple, Kim and Kanye. In case the couple accepts the offer, the company and the couple... of their...
4 Pages(1000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Coursework on topic Business Management Affairs for FREE!

Contact Us